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Last Updated : Jun 14, 2018 05:55 PM IST | Source: Moneycontrol.com

Accumulate Oil & Natural Gas Corporation; target of Rs 190: KRChoksey

KRChoksey recommended accumulate rating on Oil & Natural Gas Corporation with a target price of Rs 190 in its research report dated June 06, 2018.

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KRChoksey's research report on Oil & Natural Gas Corporation

Revenues came in at INR 239 bn, up 10.4% YoY on account of higher realizations for crude oil and natural gas as well as increased volumes for gas production. The average realization price for crude oil from the nominated fields came in at $66.71/bbl as against $54.91, up 21.5% from Q4FY17 while gas price realization was up 15.6% YoY at $2.89/MMBtu as against $2.50/MMBtu in Q4FY17. The gas production for the quarter registered a growth of 2.2% to 6.077 BCM while the oil production declined by 3% YoY to 6.2 MMT.

Outlook

At a CMP of INR 213.5 , the stock is trading at 9.0x of FY19E P/E and 9.9x of its FY20E P/E. We valued the company by assigning a P/E multiple of 10x on the FY19E EPS of INR 19.08 and arrived at a target price of INR 190 (potential upside – 10.8%). We change our rating to ACCUMULATE on the stock.

For all recommendations report, click here

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First Published on Jun 14, 2018 05:55 pm
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